JEM Homes Limited - Period Ending 2021-11-30

JEM Homes Limited - Period Ending 2021-11-30


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Registration number: 04430269

JEM Homes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

JEM Homes Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

JEM Homes Limited

Company Information

Directors

P G Murphy

Mrs J Murphy

Registered office

D S House
306 High Street
Croydon
Surrey
CR0 1NG

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

JEM Homes Limited

(Registration number: 04430269)
Statement of Financial Position as at 30 November 2021

Note

2021
£

2020
£

Current assets

 

Stocks

5

818,233

1,570,865

Debtors

6

273,033

363,830

Cash at bank and in hand

 

445,343

262,991

 

1,536,609

2,197,686

Creditors: Amounts falling due within one year

7

(96,654)

(112,444)

Total assets less current liabilities

 

1,439,955

2,085,242

Creditors: Amounts falling due after more than one year

7

(1,439,210)

(2,103,000)

Net assets/(liabilities)

 

745

(17,758)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

743

(17,760)

Shareholders' funds/(deficit)

 

745

(17,758)

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 30 November 2022 and signed on its behalf by:
 

P G Murphy
Director

   
     
 

JEM Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
D S House
306 High Street
Croydon
Surrey
CR0 1NG
United Kingdom

The presentation currency of the financial statements is Pound Sterling (£) rounded to the nearest Pound.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

JEM Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.


Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

JEM Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2020

13,867

13,867

At 30 November 2021

13,867

13,867

Depreciation

At 1 December 2020

13,867

13,867

At 30 November 2021

13,867

13,867

Carrying amount

At 30 November 2021

-

-

5

Stocks

2021
£

2020
£

Work in progress

818,233

1,570,865

6

Debtors

2021
£

2020
£

Other debtors

273,033

363,830

273,033

363,830

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Taxation and social security

90,943

106,444

Accruals and deferred income

5,711

6,000

96,654

112,444

 

JEM Homes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

1,439,210

2,103,000